The global shipping container market is subject to witness a substantial growth due to the strong economic growth among developing economies, rising seaborne trade, and growing demand for highly efficient and superior capacity shipping containers. Factors responsible for the robust market growth include increasing number of sales for specialized shipping containers and soaring demand form department of defense sector.
In addition, shifting trend towards adoption of remote container management (RCM) solutions is expected to drive the growth of shipping container market in the upcoming years. Globally, the market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for market players to invest in research and development of the shipping container market.
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Furthermore, easy availability of the heavy-duty containers and increase in the cargo transportation activities over sea are anticipated to fuel the growth of shipping container market in the upcoming years. Increasing number of shipping containers due to growing import and export activities, particularly in the Asia Pacific region are propelling market growth in the recent years. Since the last two decade, volume of seaborne trade has witnessed gradual increase owing to the vast adoption of containers for transport of goods through seaborne channels. Increasing demand for Chinese product in the U.S. and European market is anticipated to foster market expansion in the near future.
However, stringent laws and regulation by regional governments and heavy excise duties on the imported products are predicted to restrain market growth to a certain extent. Additionally, volatility in the cost of steel, which is a raw material for manufacturing of shipping containers, is expected to negatively influence selling price of these containers. Changing price of crude oils are also limiting market potential, in the recent years. Yet, rapid economic growth by developing economies such as India, Brazil, South Africa and China are estimated to amplify the growth of shipping container market over the forecast period.
Latest trend associated with adoption of cargo transportation via tank containers is driving more sales of shipping container in the last few years. Moreover, use of tank containers for transportation of packages food products, including bulk cargo, and ‘door-to-door’ services instead of using transshipment of goods at railway stations and ports are projected to stimulate market demand in the upcoming years. Recent improvement in transportation services and increasing focus towards development of the coastal ports, particularly in the Asia Pacific region are bolstering overall market growth.
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Dry containers is considered as one of the fastest growing segment in the shipping container market with substantial revenue generation in the last couple of years. Growing popularity of the dry container market segment is attributed to the increasing demand form European region and increasing import and export activities in the region. Favorable government initiatives, programs, and current research & development activities in the shipping container industry are expected to drive the growth over the forecast period.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the rise in the implementation of latest technologies, increase in the import and export activities, and existence of well-established manufacturing sector in the region.
Asia-Pacific region is predicted to hold major market share in the shipping container market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, availability of large coastal line and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the shipping container market are TLS Offshore Containers International Pvt. Ltd., China International Marine Containers Co., Ltd., Maersk Container Industry A/S, W&K Container Inc., Singamas Container Holdings Ltd., MC Container Solutions Ltd., China Shipping Container Lines Co., Ltd., Jindo Co., Ltd., MSC Mediterranean Shipping Company S.A., CMA CGM Group, Sea Box Inc., and Tempo housing Ltd.
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The market is divided into the following segments based on geography:
Global Shipping Container Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• China International Marine Containers (CIMC)
• Dong Fang International Container
• Maersk Container Industry
• Singamas Container Holdings
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